This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.
Since the pandemic’s outbreak, luxury sales in China have boomed, accounting for up to 80% of the global market in 2020. A position that will stay dominant for years to come, according to Jefferies and Bain & Company.
Faced with consumers who are increasingly demanding in terms of brand values, luxury labels are undergoing a sea change, extending their vision beyond products. Gucci more than others, through its unique initiatives.
Gen Z and Millennial consumers will account for two thirds of the luxury market in 2025, forcing labels to adapt their strategies to their young clientèle’s “activist” vision, said the latest study by Bain & Co.
Millennial and Gen Z consumers, especially from Asia, plus the growth of online, a booming secondhand market, and a desire for social responsibility are all pushing growth higher in the luxury market, a new study shows.
Jewellery is a booming, sought-after sector, as shown by LVMH’s recent bid for Tiffany & Co. FashionNetwork looks into the advantages and potential of an industry still little-known and underexploited by luxury groups.